Moonwell
Published in

Moonwell

How to vote on Moonbeam Referendums

Hello Cryptonauts,

The voting period for Moonbeam Referendum #65 “Moonwell Artemis Grant Proposal” is currently active! Knowing that this will be the first time that many Moonwell community members will be voting on Polkassembly, we thought that it may be helpful to make a simple how-to guide on voting.

Before getting started, lets highlight a few key points regarding the Moonbeam Referendum voting process.

  • Voting takes places on Polkassembly
  • Community members vote with GLMR tokens
  • There is a vote lock mechanism in place called “conviction”. All voting tokens will be locked for, at minimum, the duration of the referendum.
  • Voters are able to multiply the voting power of their tokens by choosing an additional lockup period (up to 6x multiplier)
  • Voters are able to unlock their tokens before the referendum concludes, in order to re-cast their votes with a different lockup period/voting power multiplier

With all of that out of the way, let’s vote!

Step 1:

Navigate to the Referenda category on Moonbeam Polkassembly and select the Referendum you wish to vote on. For this example we will select Referendum #65 “Moonwell Artemis Grant Proposal”.

Moonbeam Referenda Page

Step 2:

Login to MetaMask and select your preferred voting address. Confirm that the “Vote with account” address listed matches the account in MetaMask.

Login to MetaMask

Step 3:
Choose amount of GLMR to lock and vote with. Input this number into the “Lock balance” section highlighted below.

Input amount of GLMR to lock/vote with

Step 4:

Select the “Vote lock” period of your choosing. This is where you will set the duration that your tokens will be locked and the associated voting power multiplier. The longer the lock duration, the more voting power your GLMR tokens wield.

Select “Vote lock” period

Please note that the default option of “0.1x voting balance, no lockup period” will in fact lock your tokens for the duration of the referendum. It will also only imbue you with only 10% of the voting power as the “1x balance, locked for 1x enactment (7 days)” option.

Step 5:

After you have input the “Lock balance” (amount of GLMR you will be voting with/locking) and the duration of the “Vote lock” (period of time your GLMR tokens will be locked and the associated voting power multiplier), it’s time to cast your vote!

Select either Nay to vote against the proposal or Aye to cast your vote in favor of it.

Select Nay (No) or Aye (Yes) to cast your vote
Confirm the transaction in MetaMask

Step 6 (optional):

Voters have the option of clearing their vote and unlocking their tokens early in order to re-cast their vote with a different lock period/voting multiplier. This could be useful if you wanted to increase your voting power to potentially impact a close Referendum vote or if you previously chose the wrong lockup period by mistake.

To clear your vote and unlock your tokens before the referendum has ended, navigate to https://moonbeam.polkassembly.network/settings.
At the bottom of this page you will see a section called “unlock democracy locks”.

Here you will see the voting address and the proposal(s) that you have voted on and have GLMR locked to. By clicking “Remove” and confirming in MetaMask, you will be able to clear your vote.

Click “Remove” to clear vote

After clearing your vote by clicking “Remove”, reload the webpage. You should now see an “Unlock” button. Click “Unlock” and confirm in MetaMask to unlock your tokens and have them transferred back to your wallet.

Click “Unlock” to unlock tokens and transfer them to MetaMask

Note that this is also how you will unlock your tokens once either the referendum has ended or your selected lockup period has concluded.

About Moonwell

Moonwell is an open lending and borrowing DeFi protocol on Moonbeam & Moonriver. Moonwell’s composable design can accommodate a full range of DeFi applications in the greater Polkadot and Kusama (DotSama) ecosystem.

Main website | Telegram | Discord | Twitter | Documentation | Gov Portal

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Moonwell

Moonwell

441 Followers

DeFi’s Liquidity Well built on top of Moonbeam and Moonriver